Let me be the first to reciprocate the loyalty AIG has shown me over the years with this my opinion.
No more AIG (toilet)paper in my life, unless they are the last and only offer I get.
Let them rot in the hell they made for so many others. Let them all hang out and be prestigious in “groovy” clubs with their friends on Wall Street. Maybe there will be new fashion crazes in suspenders and barrels so they can all rank on each other as usual. What a disgusting product of a disgusting place.
Take a good strong fire house to the lot of them until the stink gets down to a tolerable level.
So what you’re saying is you wish them all well and thanks for the severance package. They’re coaching and guideance in your career has been instrumental for where you are today. I understand now. Good luck to you friend.
And do you know what else they did? They gave their top employees a raise. I know of one employee that his posistion included critical oversight of the financial books for AIG, already making $5,000,000 per year that got a promotion and a raise to $7,000,000 per year after this so called bail out. His wife conveniently is a lobbyist (she can make $30,000 for just showing up, shaking hands, drinking the best wine and eating the best steak- this is her work). How do I know – his wife likes to brag. By the way did the House and Senate even vote on this bail out?
And they’ve already cashed in on 90% of the line of credit. This is outrageous.
And as far as the P & C. It remains in jeopardy until it is sold. Regardless of what the company says. Brokers will stay away from it unless AIG is offering a rate signicantly lower then the competition. The Broker will be selling price only. This will effect the companies profitability. Believe it or not this could happen very quickly (6 months), it will take much longer to find a buyer.
long ago the culture of AIG was established and encouraged by hank to get results, no matter how much you have to mis-lead, confuse or simply mis state the facts. if you don’t believe me, check on the stories about how the books were ‘manipulated’ to show great results for the early 2000s year results. so why would anyone buy into this latest line about pricing integrity.
how long before liddy goes to the “dark side” too?
Liddy came from Allstate, not exactly a player in the commercial sector. His desk has got to be piled with reports on wild and wonderful stuff he’s never heard of from all over the world. Everyone’s telling him the insurance entities are fine, go look at that other departments’ crazy stuff first. I suspect someone he’s supposed to able to trust gave him this embarrassing soundbite to deliver, I hope that person gets what’s coming to them when he figures it out.
I am confused. If Liddy says they’re doing so well and are keeping their core business why does he need a brand name with strong ratings to buy AIG’s 50% interest in the London Airport? Also, why not just let all those “thriving” units put their profits into paying off all the bad credit swaps and if it doesn’t work out, it doesn’t work out; AIG goes under like badly managed companies do, the states take over under the guarantee funds and people decide to place their insurance with a reputable company now or at the renewal and life goes on. Couldn’t happen to nicer folks……………….
As an experienced personal lines U/W with a 20+ year career and also having worked for AIG, there is underwriting integrity at AIG and it is managed by providing the best program for the customer while NOT eroding price margins! Work for the company before you judge it as an outsider. You are no different than any other sleazy reporter smearing AIG-
Be sure you now the facts about underwriting personal lines within AIG! The mantra has always been to grow, grow, grow but NEVER by sacrificing underwriting intregrity or profitability. Also if you had been through a soft market you would know that everyone maintains pricing, intregrity, margins, and retention focuses during a soft market. Also – if you read all info- you would know Commercial P&C are remaining, Private Client Group is remaining.
God I hope you are not an agent selling AIG PCG or any other high net worth company! You need to be educated
I am not sure why one would post a diatibe against the AIG insurance ops, when they are well capitalized because they are required by law. Yes, AIG got into some trouble about swaps with Star to bulk up the reserves and inflate the financial results but that is completely different from insurance ops and the mess the holding company now finds itself. Basically, the holding company underwrote swaps without capitalization; now that the underlying business went sour, they have nothing to pay off with, OTHER than their insurance assets, which are well-capitalized; this is the collateral that underwrites the $85B loan. It may be that these assets will be sold off, or spun off but I don’t know that insurance execs are at fault, but more the investment, side-car, derivative sector which drove the holding company’s growth and ultimate failure….if anyone knows more or better, please speak up but I’m not one to bash AIG completely, anymore than I would Berkshire.
If you can’t see why Americans are angry with AIG then you need to stand back and try to objectively look at this situation. The company just took a $85 BILLION loan out from the government and then promptly sent out it’s execs, or top producers – it really doesn’t matter WHO they took out – on a nice little all expenses paid vacation to the tune of $400,000. Not only that, but at least the rumor mill has it that the company has another little junket booked and they intend to honor it. Here’s what gets Americans mad. You take out an emergency loan to keep the business afloat but STILL go out and do this very stupid stupid thing. AIG had every right, no – obligation to cancel this event and for once use a little financial responsibility to make the right call. Here’s my question to you: do you honestly think that Joe Q Public has any interest in purchasing a new AIG insurance policy? AIG may have taken what seemed to be a necessary trip to maintain it’s connections to the sales force, but I imagine that the other side of the balance sheet will see a huge negative dividend in public opinion and, consequently, new business.
We the people are not happy with you! We are struggling in this economy just to keep a roof over our heads and keep our young ones fed. We don’t have jobs. We don’t have money. We have no credit and sometimes it feels like we have no hope!
How dare you argue that our money must legally be given out in bonuses to folks in your company who put us all in theses dire straights in the first place!
We the people have trustingly allowed our government to hand over our hard earned tax dollars in order to reestablish this economy. To keep your ship from sinking and keep us all afloat we said YES take our money and fix things!
The term “Fix things” does not equate to repairing executive bank accounts by allotting money we could feed our children with in huge bonuses! $165 million dollars is not chump change buddy! Can you imagine how many American families could stay afloat with that kind of money in the bank? Perhaps we should rethink our trust in government with these bailout funds for big business and insist that they allot all of that money to individual American citizens who could then give out giant bonuses to their children in not only the needs of daily life, but in education and hope for a better future!
I bet Jack the warehouseman and Joe the plumber would spend their share of the money a whole lot more responsibly then you have.
Yes sir, I believe that we should have a nation wide recall of all of the bailout monies and then vote to make government put that money in the hands of it’s citizenry who would then put it back in the economy. Houses would not be foreclosed. Children would not go hungry. Merchants would not go under. If we had the money, we would pay our credit cards, our home loans, our insurances, etc. We would shop again. Sounds to me like if we the people had that money then all would be back on track to being well in the world!
Do the right thing Mr. AIG. Send the money back!
We might remember you in a good light after this crisis has passed instead of as the company who laughed in the face of our poverty by stealing our money
to pay their executives bonuses for running their firm into the ground!
Let me be the first to reciprocate the loyalty AIG has shown me over the years with this my opinion.
No more AIG (toilet)paper in my life, unless they are the last and only offer I get.
Let them rot in the hell they made for so many others. Let them all hang out and be prestigious in “groovy” clubs with their friends on Wall Street. Maybe there will be new fashion crazes in suspenders and barrels so they can all rank on each other as usual. What a disgusting product of a disgusting place.
Take a good strong fire house to the lot of them until the stink gets down to a tolerable level.
So what you’re saying is you wish them all well and thanks for the severance package. They’re coaching and guideance in your career has been instrumental for where you are today. I understand now. Good luck to you friend.
Ding Dong
And do you know what else they did? They gave their top employees a raise. I know of one employee that his posistion included critical oversight of the financial books for AIG, already making $5,000,000 per year that got a promotion and a raise to $7,000,000 per year after this so called bail out. His wife conveniently is a lobbyist (she can make $30,000 for just showing up, shaking hands, drinking the best wine and eating the best steak- this is her work). How do I know – his wife likes to brag. By the way did the House and Senate even vote on this bail out?
And they’ve already cashed in on 90% of the line of credit. This is outrageous.
And as far as the P & C. It remains in jeopardy until it is sold. Regardless of what the company says. Brokers will stay away from it unless AIG is offering a rate signicantly lower then the competition. The Broker will be selling price only. This will effect the companies profitability. Believe it or not this could happen very quickly (6 months), it will take much longer to find a buyer.
long ago the culture of AIG was established and encouraged by hank to get results, no matter how much you have to mis-lead, confuse or simply mis state the facts. if you don’t believe me, check on the stories about how the books were ‘manipulated’ to show great results for the early 2000s year results. so why would anyone buy into this latest line about pricing integrity.
how long before liddy goes to the “dark side” too?
“Maintaining underwriting discipline” implies that it existed in the first place.
Liddy came from Allstate, not exactly a player in the commercial sector. His desk has got to be piled with reports on wild and wonderful stuff he’s never heard of from all over the world. Everyone’s telling him the insurance entities are fine, go look at that other departments’ crazy stuff first. I suspect someone he’s supposed to able to trust gave him this embarrassing soundbite to deliver, I hope that person gets what’s coming to them when he figures it out.
I am confused. If Liddy says they’re doing so well and are keeping their core business why does he need a brand name with strong ratings to buy AIG’s 50% interest in the London Airport? Also, why not just let all those “thriving” units put their profits into paying off all the bad credit swaps and if it doesn’t work out, it doesn’t work out; AIG goes under like badly managed companies do, the states take over under the guarantee funds and people decide to place their insurance with a reputable company now or at the renewal and life goes on. Couldn’t happen to nicer folks……………….
AIGFP (London) seems to be the last straw. Does it seem that way to others?
As an experienced personal lines U/W with a 20+ year career and also having worked for AIG, there is underwriting integrity at AIG and it is managed by providing the best program for the customer while NOT eroding price margins! Work for the company before you judge it as an outsider. You are no different than any other sleazy reporter smearing AIG-
Be sure you now the facts about underwriting personal lines within AIG! The mantra has always been to grow, grow, grow but NEVER by sacrificing underwriting intregrity or profitability. Also if you had been through a soft market you would know that everyone maintains pricing, intregrity, margins, and retention focuses during a soft market. Also – if you read all info- you would know Commercial P&C are remaining, Private Client Group is remaining.
God I hope you are not an agent selling AIG PCG or any other high net worth company! You need to be educated
I am not sure why one would post a diatibe against the AIG insurance ops, when they are well capitalized because they are required by law. Yes, AIG got into some trouble about swaps with Star to bulk up the reserves and inflate the financial results but that is completely different from insurance ops and the mess the holding company now finds itself. Basically, the holding company underwrote swaps without capitalization; now that the underlying business went sour, they have nothing to pay off with, OTHER than their insurance assets, which are well-capitalized; this is the collateral that underwrites the $85B loan. It may be that these assets will be sold off, or spun off but I don’t know that insurance execs are at fault, but more the investment, side-car, derivative sector which drove the holding company’s growth and ultimate failure….if anyone knows more or better, please speak up but I’m not one to bash AIG completely, anymore than I would Berkshire.
I would bash AIG more than Berkshire. But then again Berkshire isn’t failing.
If you can’t see why Americans are angry with AIG then you need to stand back and try to objectively look at this situation. The company just took a $85 BILLION loan out from the government and then promptly sent out it’s execs, or top producers – it really doesn’t matter WHO they took out – on a nice little all expenses paid vacation to the tune of $400,000. Not only that, but at least the rumor mill has it that the company has another little junket booked and they intend to honor it. Here’s what gets Americans mad. You take out an emergency loan to keep the business afloat but STILL go out and do this very stupid stupid thing. AIG had every right, no – obligation to cancel this event and for once use a little financial responsibility to make the right call. Here’s my question to you: do you honestly think that Joe Q Public has any interest in purchasing a new AIG insurance policy? AIG may have taken what seemed to be a necessary trip to maintain it’s connections to the sales force, but I imagine that the other side of the balance sheet will see a huge negative dividend in public opinion and, consequently, new business.
Dear Mister AIG,
Give the money back!
We the people are not happy with you! We are struggling in this economy just to keep a roof over our heads and keep our young ones fed. We don’t have jobs. We don’t have money. We have no credit and sometimes it feels like we have no hope!
How dare you argue that our money must legally be given out in bonuses to folks in your company who put us all in theses dire straights in the first place!
We the people have trustingly allowed our government to hand over our hard earned tax dollars in order to reestablish this economy. To keep your ship from sinking and keep us all afloat we said YES take our money and fix things!
The term “Fix things” does not equate to repairing executive bank accounts by allotting money we could feed our children with in huge bonuses! $165 million dollars is not chump change buddy! Can you imagine how many American families could stay afloat with that kind of money in the bank? Perhaps we should rethink our trust in government with these bailout funds for big business and insist that they allot all of that money to individual American citizens who could then give out giant bonuses to their children in not only the needs of daily life, but in education and hope for a better future!
I bet Jack the warehouseman and Joe the plumber would spend their share of the money a whole lot more responsibly then you have.
Yes sir, I believe that we should have a nation wide recall of all of the bailout monies and then vote to make government put that money in the hands of it’s citizenry who would then put it back in the economy. Houses would not be foreclosed. Children would not go hungry. Merchants would not go under. If we had the money, we would pay our credit cards, our home loans, our insurances, etc. We would shop again. Sounds to me like if we the people had that money then all would be back on track to being well in the world!
Do the right thing Mr. AIG. Send the money back!
We might remember you in a good light after this crisis has passed instead of as the company who laughed in the face of our poverty by stealing our money
to pay their executives bonuses for running their firm into the ground!
Sincerely,
We the People